The Malaysian lottery operator says it intends to transfer its Sports Toto Malaysia unit, which has an indicative value of up to $2 billion, to a Singapore-listed business trust.

Malaysian lottery operator Berjaya Sports Toto plans to transfer its wholly-owned Sports Toto Malaysia STM unit to a business trust with the intention of listing it in Singapore, according to a stock exchange filing made late on Monday. STM mainly operates so-called Toto pool betting, or lucky-numbers games.

The business trust will have an indicative valuation of between M$5.9 billion and M$6.5 billion $1.84 billion to $2 billion based on discounted cashflow, it said. Deloitte...